The Korea Times

Oil spill occurs in waters off south coast: Coast Guard

A tanker hit a landing bridge as it tried to moore at this southern port city, causing oil pipelines to rupture and spill oil into the sea, Coast Guard officials said Friday.The oil spill occurred at around 9:30 a.m. when the 164,169-ton Singapore-registered oil tanker collided with a bridge connecting with a pier, they said.The collision damaged three oil pipelines connecting into petrochemical companies in the Yeosu industrial complex, making oil remaining in the pipelines spill into the waters, the officials said.The maritime police were making efforts to contain the spread of oil spill by dispatching 16 response vessels and a helicopter. They also built an oil fence along the shore to contain the oil spill, they said.The cause of the accident was being investigated, the officials said. (Yonhap)

Feb 1, 2014By Shim Jae-yun

Oil spill occurs in waters off south coast: Coast Guard

South Korea

'N. Korean leader's aunt stays in Europe'

Kim Kyong-hui, wife of Jang Song-thaek who was executed last year, is now staying in Europe, Japan’s Yomiuri Shimbun reported Thursday.Kim, who is aunt of North Korean leader Kim Jong-un, left the North after Jang’s death, for Switzerland, the newspaper said quoting sources familiar with North Korea affairs.Kim allegedly moved to Poland after then. In Poland, Kim Pyong-il, half-brother of late leader Kim Jong-il, is serving as North Korean ambassador. Kim’s whereabouts has been the target of attention after the previous No. 2 man of the reclusive nation was suddenly purged.A source raised the possibility that Kim might have been expatriated. Or it is also possible that she voluntarily left the nation. “If she had left the North for mere medical treatment, she will return soon. But it is likely that she will stay overseas for a long period,” a source told the newspaper.A Korean government source earlier said Kim has been suffering from alcoholic addiction and began to suffer another disease in her foot from September last year. To cure the disease, she vi

Jan 30, 2014By Shim Jae-yun

'N. Korean leader's aunt stays in Europe'

Sports

S. Korea on track to top-three finish at Summer Universiade

S Korea-Summer UniversiadeS. Korea on track to top-three finish at Summer UniversiadeSouth Korea is well on its way to achieve a top-three finish at the ongoing multi-sport competition for university athletes in Russia.Through Thursday's action of the 2013 Summer Universiade in Kazan, South Korea has claimed 12 gold medals and 26 medals overall to stand in second place.Host Russia is running away with the competition, having captured 72 gold medals, more than the total of the next six countries combined, and 135 medals in total.The International University Sports Federation (FISU) organizes two Universiades each year: one in summer and the other in winter. In 2013, Trentino, Italy will host the Winter Universiade from Dec. 11 to 21. The Summer Universiade opened on July 6 and will run until next Wednesday. According to organizers, about 10,000 athletes from 162 countries flew to Russia to compete in 27 sports. South Korea sent 309 athletes to 19 sports.South Korea's best Summer Universiade showing is a third-place finish, achieved in 2003 in Daegu, South Korea, in 2009 in Belgra

Jul 12, 2013By Shim Jae-yun

Companies

Samsung's trademark applications surge over 3 years

Samsung's trademark applications surge over 3 yearsSamsung Electronics Co., the world's largest smartphone maker, had stepped up its moves to bolster its brand image and brand identity by applying more trademarks over the past three years, industry sources said Monday.According to the Korean Intellectual Property Office, Samsung's trademark applications rose to 265 in 2012 from 167 in 2011 and 91 in 2010.Samsung ranked as the world's No. 9 brand, according to a study by researcher Interbrand, with the company's brand value estimated at US$32.9 billion.Meanwhile, the world’s largest electronics firm recently applied its trademark on its smart watch in South Korea last month, naming the wearable gadget "Samsung Gear."According to the sources, the smart watch will likely feature functions such as a digital camera, a health device, and a smartphone.It is expected that the new device will be introduced for the first time at IFA 2013 in Berlin, an international consumer electronics and home appliances show scheduled to be held in early September. (Yonhap)

Jul 8, 2013By Shim Jae-yun

Sports

South Korea defeated by Iraq in U-20 World Cup

S. Korea falls to Iraq in quarterfinals of FIFA U-20 World Cup KAYSERI-Turkey (Yonhap) -- South Korea fell to Iraq 5-4 on penalties in the quarterfinals of the 2013 FIFA U-20 World Cup here on Sunday, coming up short of making its first semifinals appearance at the tournament in three decades.At Kadir Has Stadium in Kayseri in central Turkey, two South Korean kickers failed to convert in the decisive shootout as Iraq moved on after a thrilling encounter.South Korea was seeking its first final four berth in the biennial event since 1983 in Mexico. The competition was still called the FIFA World Youth Championship at the time.This was the second straight match in which South Korea went into the penalties. In the round of 16 contest against Colombia last Tuesday, South Korea prevailed 8-7.On Sunday, South Korea and Iraq were tied at 3-3 after 90 minutes of regulation and 30 minutes of extra time. Then in the penalties, Yeon Jei-min, South Korea's second kicker, sailed his shot over the bar. Iraq failed to take advantage, as its third kicker, Mohammed Jabbar Arebat, missed his chanc

Jul 8, 2013By Shim Jae-yun

Sports

South Korea failes to reach semifinal in U-20 World Cup

S. Korea fails to reach semi-final at U-20 World Cup South Korea failed to reach the semifinal of the FIFA U-20 World Cup, defeated by Iraq 4-5 in a penalty shootout.It was a desperate and harsh match against formidable Iraq at the Caesar Kadiri Hass Stadium in Turkey early Monday morning (Korean time).The neck—and-neck match was all the more meaningful for South Korea as a possible win could have been a “dream come true” of its advancing to the semifinal for the first time in 30 years since the event in Mexico.Despite a buzzer beater in the second half of overtime, the team had to wrap up their highly impressive challenge this time.

Jul 8, 2013By Shim Jae-yun

Economy

6 domestic banks listed among world's top 100

Six Korean banks join world's top 100 in 2012Six South Korean banks were included on the list of the world's 100 largest lenders in terms of core capital and assets last year, the central bank said Sunday.South Korea's top lender KB Financial Group Inc. ranked 68th in 2012, up from 72nd the previous year and marked the highest ranking among Korean lenders, the Bank of Korea (BOK) said in a report based on the July edition of the magazine The Banker.KDB Financial Group Inc. placed 69th last year, compared with 71st the previous year.Woori Finance Holdings Co. saw its ranking rise to 72nd from 74th over the cited period. Its rival Shinhan Financial Group rose six notches to 73rd, the report said.Hana Financial Group Inc., which merged with Korea Exchange Bank last year, rose to 81st from 101st over the cited period, and Nonghyup Financial Group Inc. also saw its standing rise to 83rd from 98th, it showed.The financial magazine said South Korean lenders saw their global standings improve last year on the back of an increase in value of core capital and assets in tandem with the local cu

Jul 7, 2013By Shim Jae-yun

Economy

conglomerates hit for pocketing W469 bil.

Conglomerate owners, family members pocket W469 bil. in dividends via unfair practicesOwners of South Korean conglomerates and their family members have pocketed a total of 469 billion won ($411 million) in dividends over the past five years from affiliates owned by them, industry data showed on Sunday.Family-owned conglomerates, or chaebol, have been under fire in the country for their practice of granting profitable contracts to their affiliates owned by heads' children or relatives in a bid to avoid paying gift taxes on future transfers of wealth.Previously, laws did not regulate the inheritance of such assets free of tax. But beginning this month, the revised tax law calls for levying such taxes on larger firms whose owners or their family members hold more than 3 percent in stakes in their affiliates.The new law requires all South Korean conglomerates whose inter-affiliate transactions surpassed 30 percent of their sales as of last year to be subject to taxation.According to Chaebol.com, which tracks the country's family-run conglomerates, heads of the country's top 30 cong

Jul 7, 2013By Shim Jae-yun

South Korea

Rival parties agree to disclose controversial summit transcript

Rival parties agree to disclose controversial summit transcriptRival parties agreed Tuesday to disclose a summit transcript containing former late President Roh Moo-hyun's controversial remarks on the disputed Yellow Sea border with North Korea.The transcript, which is being kept at the National Archives of Korea, can only be viewed under certain conditions, such as with two-thirds approval from the National Assembly.The ruling Saenuri Party and the main opposition Democratic Party (DP) plan to submit a proposal to the National Assembly requesting access to the archives and put it to a vote during a plenary session later in the day.Under the request, the parties will have access to all records of the summit, including its minutes, excerpts and tape recordings.However, it remains unclear whether the proposal will pass through the Assembly as some lawmakers have voiced objections to disclosing the classified material.The controversy surrounding the transcript centers on the ruling party's claims that the late liberal president had tried to scrap the western sea border, called the North

Jul 2, 2013By Shim Jae-yun

Companies

Hyundai ordered to pay

A U.S. jury ruled Monday that South Korea's top carmaker, Hyundai, must pay $14 million to a Virginia man who sustained traumatic brain injury in a 2010 car crash, determining the side air bag system in his Tiburon was defective.Zachary "Gage" Duncan, then 16, was driving the 2008 Tiburon when the side air bag failed to deploy during the accident.His parents filed a damage suit against Hyundai.Jurors in state court in Pulaski County, Virginia, "heard days of technical testimony from engineers and analyzed dozens of crash-test videos," according to Stein Mitchell Muse & Cipollone LLP, a law firm representing the victim's parents."Plaintiffs proved that the air bag failed to deploy because Hyundai placed the side air bag sensor in the wrong location in the 2003 to 2008 models of the Tiburon," it said in a press release."This is an important victory for our client and for public safety," said Ari Casper, the plaintiffs' lead attorney.Hyundai expressed disagreement with the verdict and said it intends to appeal. The carmaker contends the air-bag system met federal safety standards an

Jul 2, 2013By Shim Jae-yun

Shim Jae-yun

Read more

Oil spill occurs in waters off south coast: Coast Guard

'N. Korean leader's aunt stays in Europe'

S. Korea on track to top-three finish at Summer Universiade

Samsung's trademark applications surge over 3 years

South Korea defeated by Iraq in U-20 World Cup

South Korea failes to reach semifinal in U-20 World Cup

6 domestic banks listed among world's top 100

conglomerates hit for pocketing W469 bil.

Rival parties agree to disclose controversial summit transcript

Hyundai ordered to pay

Top 5 stories